If, like many other people in North Carolina, you are worried about your finances, you are not alone. It turns out that most people share many of the same concerns when it comes to money. A recent study of more than 35,700 people concluded that financial concerns are a source of stress for many Americans, according to MarketWatch.
It is only natural for people in North Carolina to want to help others for whom they care to establish themselves financially. However, co-signing a loan may not only lead to a spoiled relationship but, in some cases, even Chapter 7 bankruptcy. If a person feels comfortable co-signing a loan, it is vital that he or she thoroughly studies the contract — including the fine print. It may be even better if an experienced attorney goes through it before it is signed.
If you have debts when you pass away, what happens to them will depend on what types of debts they are and what assets you leave behind. Any assets you have will be used by your estate to pay off your debts, according to the Penny Hoarder. It is up to the executor of your estate to identify all of your debts and see that they are taken care of. It is important to note that your debts are considered an extremely high priority and must be dealt with before any inheritances are given out.
A recent study found some troubling news when it comes to how much many Americans understand about their finances. The study found that when faced with a five question test of basic questions about finance, two-thirds of people failed to get at least four answers correct, according to Fortune. While it may seem logical to assume that many people would have learned some harsh lessons about money from the Great Recession, it does not appear to be true considering the number of people who can successfully pass the five question test has actually fallen 5 percent since 2009.
Like many people in North Carolina, you may believe that your student loans will not be discharged as a result of your bankruptcy. In most situations, that is true. However, there are some limited circumstances where your student loans may, in fact, be dischargeable.